Text message alerts via Short Message Service can reduce debit and credit card fraud. Unfortunately, we face the realities of potential theft daily. Consumers deserve protection, and high-tech mobile providers have crafted an ironclad solution to defend mobile users against identity and credit theft.
Fortunately, card issuers and banks alike can benefit from real-time alerts following every transaction. Now, consumers can fight fraud head-on. By utilizing immediate SMS notifications, users can partner up with the mobile industry, accessing significant information, purchase verification and meaningful alerts instantly.
Text notifications ensure total comprehension of purchase and closure. In short, text notifications verify transactions, utilizing up-to-date mobile security measures to assist online login efforts. After a purchase, consumers are sent a text-based alert to verify an order. By issuing codes and security questions, the security provider creates an authentication-based system only the user can access.
The world of credit card fraud today
Unfortunately, credit and debit fraud aren’t going away anytime soon. In recent years, big-name brands such as 7-Eleven and other retailers have been injured by sophisticated fraudsters. New, frightening identity theft methods exist — and each is aimed at consumers unable to secure purchases with a text notification system.
Approximately 10 percent of Americans have fallen victim to credit card fraud, and the numbers are growing. About 40 percent of all financial fraud is connected to card-related information theft, making in-store and online purchases particularly susceptible to identity thieves. Financial account compromise is serious, and it’s capable of wiping out an individual’s bank account completely.
In 7-Eleven’s case, approximately 130 million credit accounts were compromised through payment processors operating beyond the brand’s realm of detection. Had credit card holders utilized a secure notification system, damages would have been significantly lower.
Verifying your purchases with text alerts
Understandably, the systems at work behind purchase notification and authorization systems are very powerful. Purchase verification secures the consumer’s credit and debit accounts with a multistep process engaging personal questions, code retrieval and informational input.
Trumpia’s two-factor authentication system vastly enhances the consumer’s credit security by requiring in-depth informational input. Two-factor authentication protects money transfers, secures account settings and increases everyday financial security. It verifies the user’s identity when a password retrieval is in order. Deflecting fraudulent logins, two-factor identification safeguards a user’s identity with application programming interface software alone.
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How does two-factor authentication work?
Users create an account. When specific purchases are made, Trumpia’s intuitive system generates and sends a purchase-specific account name and password prompt. Once the user has logged in, he or she receives an additional text notificationcontaining a one-time passcode for the purchase. The code expires in 10 minutes, ensuring quick, verifiable use.
The entered network, of course, is highly secure. Both the username prompt and one-time passcode are factors. When combined, these factors greatly increase the variables facing potential fraudsters. Those attempting to break in to a buyer’s information face considerable difficulty when attempting to break multiple locks. Because of this, two-factor authentication is a leading solution for both buyers and sellers.
Why use two-factor authentication?
Two-factor authentication is a streamlined multifactor authentication service. Multifactor authentication, abbreviated as MFA, is considered one of the financial world’s best security tools. Two-factor authentication is favored by SMS marketers due to its incredible flexibility and time-saving processes.
The process can determine a target’s location, consider network choices based upon access devices, and even serve users across multiple platforms. Total consumer coverage is always guaranteed, ensuring buyers are always benefited by immediate service, quick responses and controllable variables.
See Apple’s more secure 2 factor authentication at work:
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High Security
If a single component of a user’s multifactor authentication system doesn’t check out, the attempted breach is flagged, cataloged and alerted to the user. MFA’s defense is highly secure, and it’s been utilized by many companies to bar unwanted access while keeping authorized users constantly updated.
Ease of Use, Speed and Simplicity
Your mobile device is small, but it packs incredibly utility. As a buyer, you deserve protection, and Trumpia’s in-depth system ensures comprehensive coverage while eliminating unnecessary processes. Multifactor authentication offers quick responsiveness. If a fraudster attempts to access your accounts through an online network, a physical location, a database or even a computer, Trumpia’s real-time system prevents access while recording surrounding information.
If your security system is compromised, the malicious user can be identified. A user, for example, capable of determining one factor will still fail to input the other. The attack is pinpointed, highlighting the fraudster’s target, his or her intentions and the gathered information. With this information, you can determine the breach’s cause while fortifying any other accounts with similar login information.
Your credit card and you: In-depth protection
Even if you’re not a consumer, multifactor authentication ensures your credit account’s total security. In fact, more businesses are turning to protective systems to engage and remedy cyberattacks. Fraud aimed at businesses is getting worse, reports this Inc.com article. Approximately 88 percent of U.S. companies have reported some sort of fraud attempt resulting in financial performance decline.
Other entities are fighting back, however. Bank of America has already adopted text-based purchase and financial authentication systems, reports CNBC. The bank's powerful authentication program verifies customer identities before fraud is ever an issue. In many cases, ascertaining the user’s legitimacy is all that’s needed. Bank of America’s comprehensive alerts, automatically activated upon a purchase, give cardholders the advantage.
The Trumpia solution
Many consumers opt for multifactor authentication notifications for prevention of unauthorized high-credit purchases. More buyers, however, are engaging the Trumpia platform to protect themselves from everyday fraud attempts. As business operators, individuals find such comprehensive and automated solutions highly valuable. Antifraud teams can only dedicate so much time to security coverage, leaving many avenues unchecked.
Credit card fraud will still exist far into the future. As corporations grow, immoral people will rise to exploit operators and customers. Back in 2012, approximately 7.5 million Americans experienced credit card compromise. Unfortunately, bigger purchases, higher banking fees and more businesses are expected to lead to an increase these cases.
In the mobile world, marketers are now presented with an arsenal of solutions to assist customers — both in financial protection and throughout regular transactions. SMS strategies are now fueled by security. Instant authentication is a vital component in any brand campaign. While malicious users may persist, identity theft can now be countered with highly intelligent services.
The world’s newest mobile security systems have a bright future. Customers can now opt in to SMS strategies, geolocation services and high-security programs. Take advantage of the Trumpia solution, and harness total support, instant access and long-term credit protection.
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